Pfizer to Roll Back Price Increases After Trump Criticism--Update
July 10 2018 - 8:06PM
Dow Jones News
By Jonathan D. Rockoff
Pfizer Inc. said Tuesday that it would "defer" some recent
drug-price increases, reversing course after President Donald Trump
criticized the company.
The New York-based drugmaker, one of the world's biggest
pharmaceutical companies by sales, faced criticism from President
Trump and others after raising the prices of more than 40 drugs
last week.
Pfizer backtracked after Chief Executive Ian Read spoke with
President Trump and Health and Human Services Secretary Alex
Azar.
"The company will return these prices to their pre-July 1 levels
as soon as technically possible," Pfizer said. It added that the
restored levels "will remain in effect" until the president had a
chance to put in his plan to curb high drug prices or the end of
the year, whichever is earlier.
Mr. Trump was the first to announce the move in a tweet. "We
applaud Pfizer for this decision and hope other companies do the
same," Mr. Trump wrote.
Mr. Azar, when asked about President Trump's tweet in a CNN
interview, said Mr. Trump "cares passionately" about lowering drug
prices and applauded the move by Pfizer, but didn't offer further
details.
Pfizer shares fell 1.2% to $36.99 in after-hours trading
Tuesday.
Write to Jonathan D. Rockoff at Jonathan.Rockoff@wsj.com
(END) Dow Jones Newswires
July 10, 2018 19:51 ET (23:51 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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